RISMEDIA, December 24, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five basis points last week to 4.77%, up from 4.72% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages rose three basis points to 4.24% from 4.21%, and 5-1 adjustable rate mortgages increased four basis points to 3.85%, from 3.81% the week prior.
The volume of mortgage requests last week fell 16% from the prior week. Of last week’s requests, 42% were for refinance loans, 55% were for purchase loans and 2% were for home equity loans. The prior week, 45% of requests were for refinance loans, 53% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages were even higher, with the average rate on Zillow Mortgage Marketplace at 4.78%. Thirty-year fixed mortgage rates varied by state. Connecticut mortgage rates and Texas mortgage rates increased the most, from 4.80% to 4.90% in Connecticut and from 4.64% to 4.74% in Texas. New York mortgage rates (4.96%) and Illinois mortgage rates (4.95%) were the highest in the country, while Colorado mortgage rates (4.69%) and California mortgage rates (4.72%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.zillow.com.
